After the hugely successful Zomato IPO which got fully subscribed on day 1, the investors now await the next big internet company IPO ie., Paytm. Parent company one97 has submitted the initial documents to SEBI and await the nod to launch its IPO.
The parent company of fintech platform Paytm, One97 Communications, according to reports today the details of the draft documents states the internet company plans to raise Rs 16,600 crore via a public offering. Paytm jones the latest among a slew of Internet companies that are targeting to list on the Indian stock exchanges.
Paytm IPO of Rs.16,000 Crore readying to tap investment
While Rs 8,300 crore will be primary share sales, Rs 8,300 crore will be an offer for sale, where existing investors can sell their shares.
According to the draft prospectus, while Rs 4,300 crore of the proceeds will be used for growth including customer and merchant acquisition, Rs 2,000 crore will be used for investing in new business initiatives, acquisitions and strategic partnerships.
This will also be India’s biggest public issue so far, a record that was previously held by Coal India, which raised Rs 15,000 crore over a decade ago, underscoring the appetite for new-age Internet companies among institutional investors.